Dear Sir,

Suppose we get an electricity bill dated 8th April 2021 of our office for the period 07/03/2021 to 06/04/21. How should we pass this entry into our books of accounts ? Whether it should be divided into expenses payable / prior period expense or should we enter as current year expenses.

Look forward for your advice.

With best regards,

Vijay

when discount received from party

then why debited the party account
example
by party
to discount received

why not credit the party account

My client dealt in Futures and Options and the sales volume was Rs 5 crore. But he only earned losses. Is his accounts to be audited u/s 44 AB?
Can the experts throw light on this please

I have purchased goods from supplier, and returned some of the defective goods back to him. Hence he has issued a credit note for the same. Should I enter this as a debit note while filing GSTR1 return?

A partner contributes his land purchased at stamp duty value Rs 5 lakhs last month. This is recorded in the books of the firm by a journal entry as his capital contribution for R 5 lakhs. My query is
1) Whether any registration by payinng stamp duty is required
2) a factory is proposed to be consturcted on the land. If the factory is sold after few years who will be taxable for the land. Firm or Partner.

why personal account debited
give example

Can anyone take multiple profession tax registration number for different businesses in same premises even if owner holds single PAN

Dear Sir

I want to purchase a CAR for my business name tours and travels but at present, we do not ensure for using the same car in rental s services.
May be possible i am using this car after 2-3 year using rental services.

so if today I purchase the above car in the name of my tour and travels business then RTO doing
the registration according to the commercial vehicle of a private vehicle?

I have came to know that futures and options transactions are shown under the head PGBP..
As their is lot of uncertainty in earning profit and loss, I would like to ask---
1) whether i am eligible to pay advance tax on profit earned on F&O?
2) Is section 234C is levied if I donot pay advance tax on time?
3) we know that in case of capital gain we have benefit of not paying advance tax within due date. whether such benefit is available in case of F&O (PGBP) also?

Please answer with relevant provisions and judgements
Thank You in advance

We made sales to a party in 2011-2012 of which one sale of Rs5 lakhs was entered into partys AC by mistake. Now the mistake have been found. The sale of 5 lakhs was made to other parties during that period. How can we rectify now this mistake? Pl advise? Will there be any issues from Income Tax?